The HSBC China flash manufacturing PMI fell to an eight-month low in March, deepening concern that the Chinese economy might not meet its 7.5 percent growth target in 2014.

The preliminary Purchasing Managers' Index from HSBC Holdings Plc dropped to 48.1 from 48.5 in February.

Contrary to expectations of a mild rebound as activity normalized after seasonal distortions, China's growth momentum continued to slow following the Lunar New Year.